The Federal Communications Commission has given its approval for Nexstar’s $4.6 billion deal to acquire Media General, making it the third largest TV groups behind Fox and CBS. The FCC also granted the divestiture applications that have been filed to bring Nexstar into compliance with TV ownership rules.
Nexstar and Media General entered into a merger agreement on January 27, 2016.
“We appreciate Chairman Tom Wheeler and the FCC Commissioners’ work, as well as the work of the FCC staff, in granting the approval of the Media General transaction,” said Perry A. Sook, Chairman, president and CEO of Nexstar Broadcasting Group. “Upon closing the transaction Nexstar will continue its initiatives across the combined entity to deliver superior, unique local content and services to viewers and businesses in each of the communities it serves.”
20-year-old Texas-based Nexstar has been on a buying spree for years, acquiring Quorum Broadcasting, Newport Television, Communications Corporation of America, and others. The Media General deal, though, was the biggest. Nexstar now owns or operates 171 television stations in 100 markets representing about 39 percent of U.S. television households, that’s the max the FCC allows.